"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Monday, April 30, 2012

Cameron says euro zone crisis far from over--Thousands protest health, education cuts in Spain

Thousands protest health, education cuts in Spain
Seattle Post Intelligencer
With unemployment at 24.4 percent - a Eurozone high - and more than half of Spaniards under 25 years old jobless, Prime Minister Mariano Rajoy's conservative government has introduced stinging austerity measures in its first five months in office.

Cameron says euro zone crisis far from over
Reuters UK
LONDON (Reuters) - Prime Minister David Cameron said the euro zone debt crisis was less than halfway through, and raised doubts about the future of the single currency in an interview on Sunday. Cameron said the euro zone crisis was partly to blame for ...

David Cameron blames UK double-dip recession on eurozone
The Guardian
David Cameron on Sunday held out the prospect of the UK economy being dragged down for years, as he predicted the euro crisis was "nowhere near half complete" and warned the single currency may yet break up. He also admitted efforts to move the UK ...

The Guardian

Eurozone: There Might Not Actually Be a Solution To The Euro Crisis - Forbes: " . . . If we use the US as an example of the size of the transfers necessary then we find that the EU simply cannot do this. Not at the required size: for government is already too large to make it possible to collect the necessary taxes. Thus there is no solution to the euro problem. Or to be more accurate, there is no managed solution: the best that can be hoped for is break up and starting again, however messy and painful that would be while it was actually happening."

Cameron warns over Eurozone crisis
The Press Association
David Cameron has warned the eurozone's debt crisis is not even halfway through as he blamed the continent for Britain's double-dip recession. The Prime Minister said economies struggling across the channel, which receive 40% of all UK exports, ...

Tens of thousands of Spaniards protest government health care and education ...
Washington Post
Unemployment is at a eurozone high of 24.4 percent, more than half of Spaniards under 25 years old are jobless, and Prime Minister Mariano Rajoy's conservative government has introduced stinging austerity measures in its first five months in office.

Keys for the Euro: ECB, Elections, Economics
Wall Street Journal
The ECB's monthly policy briefing takes place Thursday, and while no interest-rate change is expected, ECB President Mario Draghi's news conference will be scrutinized for indications of fresh stimulus as parts of the euro zone dip back into recession.

David Cameron warns European debt crisis is far from over
The Guardian
David Cameron has warned that the eurozone debt crisis is not "anywhere near halfway" to being resolved, and blamed it for Britain's double-dip recession. The prime minister said on BBC1's Andrew Marr Show that he would "strain every sinew" and ...

The Guardian

Eurozone's fiscal tightening may hamper growth
Milwaukee Journal Sentinel
During the interminably long eurozone financial crisis, it's been Germany that's had the money. And not surprisingly, German Chancellor Angela Merkel has been able to exert her budget-cutting will upon eurozone members. But Germany may soon be forced ...

A job description for Frankfurt
Financial Times
It is a question that should be taken seriously throughout the eurozone. This newspaper is a firm supporter of central bank independence. Since independent central banks became the norm in most countries in the 1990s, most have impeccably pursued the ...

UK PM: Will Redouble Efforts To Make Economic Policies Deliver
Wall Street Journal
But in pessimistic comments about the woes in its main trading partner, Cameron said the euro zone was not even half-way through its economic crisis. "I think it is going to be a very long and painful process in the euro zone as they work out, ...

Eurozone woes keep everyone guessing over gold
New Zealand Herald
"It's very much wait and see while the Eurozone is sorting itself out. The Federal Reserve is saying they're still willing to buy a lot of bonds. "As a result you get that big long queue of people waiting for something to happen, which means in the ...

ECB set to up the ante as eurozone fiscal compact cracks
Al-Arabiya
The ECB has been quick to take on a fire-fighting role from the very beginning of theeurozone sovereign debt crisis. (File photo) By AFP The European Central Bank looks set to dig its heels in this week and refuse any more easy money for governments ...

Al-Arabiya

Spain's Bond Auctions Likely to Test Investor Sentiment on Euro Zone
Jakarta Globe
Caught in a vice between sluggish global growth and worldwide debt de-leveraging, investors face another week of potentially gloomy economic news with no relief in sight from the growing concerns about euro zone debt. The focus will be mainly on the ...

Jakarta Globe

Warning: Euro Crisis No Longer Financial - Now It's Political, As Well
Seeking Alpha
The logic underlying this belief is that by enacting steep austerity measures and raising imposing "Firewall Funds" that enough time will be bought until eurozone nations work through their individual recessions and return to a growth mode.

Spaniards Take to Streets to Protest Budget Cuts
CNBC.com
The protests, which were peaceful, were mirrored in over 50 cities across the country as Spaniards grow weary of austerity measures and years of hardship triggered by a real estate crash in the wake of the global financial crisis in 2008.

CNBC.com

Brave but bloated
Financial Times
But the operation, which took its balance sheet above a towering €3tn, almost a third of eurozone gross domestic product, has since been credited with saving theeurozone from early meltdown. In August 2007, with a balance sheet of less than half that ...

Financial Times

Pondy govt responsible for financial crisis: Narayanasamy
IBNLive.com
"The whole government machinery has come to a standstill with financial crisis deepening fast as a result of poor planning, increased tax evasion and lack of action to spend the funds provided by the Centre," he told reporters here.

Goldman's Jim O'Neill approached for BoE job: paper
Orlando Sentinel
The ultimate decision on who will replace King to help guide Britain's $2.5 trillion economy, which has fallen into its second recession since the financial crisis, lies with Osborne and Prime Minister David Cameron. "The Governor still has a quarter ...

Leading article: Only part of the way to resolving the euro crisis
The Independent
Storm clouds are once again massing over the eurozone, and this time the problems are political. Europe's febrile bond markets have been calmer in recent months, thanks to the agreement of a "fiscal pact" requiring governments to limit their debts.

Five world markets themes in the coming week
Reuters
But while the US central bank is now more upbeat about the outlook for the labor market than it was in January, the ECB has fewer reasons to grow more optimistic if the recent run of euro zone and national economic data is anything to go by.

EuroSpeak for "Starve the Beast" The Meaning of “Austerity Measures”
The Market Oracle
The eurozone is slipping into a recession that could have been avoided. Had policymakers provided fiscal support for stricken countries in the South and guarantees on their government bonds, (as the USG does for US Treasuries) then their economies ...

Sunday Times Rich List: Britain's Richest Get Richer Despite Eurozone Crisis ...
International Business Times
By Sreeja VN: Subscribe to Sreeja's RSS feed Europe's plundering financial crisishas hardly impacted the UK's richest, according to the Annual Sunday Times Rich List. The list reveals that Briton's richest has got richer despite the economic crisis...

International Business Times

Watch euro zone from the sidelines
Hong Kong Standard
Why not take a break this week to watch developments in the euro zone? Dr Check and/or The Standard bear no responsibility for any investment decision made based on the views expressed in this column.

Might want to delay investing in Europe
Florida Today
Spain's economic problems were put in sharp relief as official figures from the National Statistics Institute showed that unemployment has spiked to 24.4 percent in the first quarter of 2012, the highest rate in the 17-country eurozone, from 22.9 ...

Cameron's Euro line
Spectator.co.uk
When Andrew Marr asked him if he thought we were halfway through the Euro crisis or nearing the end of it, Cameron replied: 'I don't think we're anywhere near half way through it.' Cameron clearly does not believe that any resolution to the crisis is ...

Spectator.co.uk

EUROZONE HOOKED ON CRAZY SPENDING
Express.co.uk
By Nick Ferrari IN YEARS past only dictators or marauding warlords could deliver the kind of chaos and heartache we are currently witnessing across Europe, and even they did not have the damned cheek to ask for extra money to pay for it.

SANDERS: The cost of a collapsing Europe
Washington Times
But certainly it indicates that the euro crisis is still very much with us - and deepening. Political developments further diminish chances for a settlement - if attainable at all - without a breakup, perhaps of the European Union itself and not just ...

Washington Times

The Meaning of "Austerity Measures" -- EuroSpeak for "Starve the Beast"
OpEdNews
By Mike Whitney (about the author) The eurozone is slipping into a recession that could have been avoided. Had policymakers provided fiscal support for stricken countries in the South and guarantees on their government bonds, (as the USG does for US ...

Ankara blames eurozone crisis for weak economy
New Europe
Turkey's Economic Minister Zafer Caglayan recently criticised European leaders for their failure to resolve the eurozone sovereign debt crisis, saying their failure has yield negative repercussions on Ankara's growth, news agencies reported.

New Europe

Cyprus replaces bank head amid crisis
Financial Times
By Kerin Hope in Athens and Ralph Atkins in Frankfurt Cyprus has replaced its internationally respected central bank governor amid a deepening banking crisis that could make the island the next eurozone member-state to seek a bail-out from its European ...

KU hosts lecture on global financial crisis
GreaterKashmir.com
Srinagar, Apr 29: The Department of Central Asian Studies Saturday organized a lecture on 'Global Financial Crisis and its Impact on Indian Economy' at Kashmir University today.Prof and economist Naseer Ahmad Khan from the School of Economics, ...

GreaterKashmir.com

Crisis-hit Spaniards march for change
Morning Star Online
Communist Party-backed United Left leader Cayo Lara addressed a big rally in Madrid where he said protesters believed the right-wing government was trying to use the financial crisis to force through its long-term goals of selling-off essential ...

Health and education cuts prompt protests across Spain
euronews
Also facing Spain's record unemployment levels, Prime Minister Mariano Rajoy's Conservative government is trying to reduce public spending by 10 billion euros a year and stop Spain becoming the next epicentre of the euro zone crisis.

euronews

Hollande's 'Growth Bloc' spells end of German hegemony in Europe
Telegraph.co.uk
Photo: REUTERS/Petr Josek By Ambrose Evans-Pritchard The French-led counter-attack and rumblings of revolt through every branch of the EU institutions last week have brought this aberrant phase of the eurozone crisis to an abrupt end.

Telegraph.co.uk

European Reality Check
Gold Seek
PIIGS = Portugal, Italy, Ireland, Greece and Spain. PIIGSBF = PIIGS plus Belgium and France. The third reality check is to accept that the EU countries in the PIIGS group will never repay their international debts. Despite protestations to the contrary ...

MoreLiver's Daily: 29th Apr - Weekender: Euro Crisis
By MoreLiver
It seems to me that the market bias to buying EUR in periods of risk appetite can easily disappear if it looks as if European policymakers have lost control over the euro crisis. I would stress that recent experience suggests that investors do not ...
MoreLiver's Daily

ECB set to up the ante as eurozone fiscal compact cracks ...
By SImon Morgan, Agence France-Presse
The European Central Bank looks set to dig its heels in this week and refuse any more easy money for governments as the political resolve to rein in deficits shows signs of crumbling, analysts say.
Interaksyon.com

"We're not even halfway through the Eurozone crisis" warns ...
"We're not even halfway through the Eurozone crisis" warns Cameron #marr.
Breaking news - www.breakingnews.com

EuroWatch: Another government falls, more | eats shoots 'n leaves
By richardbrenneman
“I think it's going to be a very long and painful process in the eurozone as they work out do they want a single currency with a single economic policy and all the things that go with it or are they going to have something quite different.
eats shoots 'n leaves

Warning: Euro Crisis No Longer Financial - Now It's Political, As Well ...
By marketmaker
By Richard Bailey:Conventional wisdom is always right… right up to the moment it is proven wrong. The prevailing conventional wisdom of policy makers and the business media has been that the debt crisis in Europe is very serious but is ...
Bullfax.com - Market News & Analysis

Sober Look: In in Portugal the problem is the supply of credit, not the ...
By Walter Kurtz
In certain Eurozone nations demand for credit, particularly from small and medium size enterprises still exists. This demand is not always about expansion. Many of these businesses rely on credit to finance inventories, meet payroll, etc.
Sober Look

Mish's Global Economic Trend Analysis: Eurozone Retail Sales ...
Mish's financial blog covers global news and macroeconomic events regarding the world economy. The blog's primary focus is inflation, deflation, and ...
globaleconomicanalysis.blogspot.com/.../eurozone-retail-sales-...

Saturday, April 28, 2012

France's Hollande and Germany's Merkel Clash

France's Francois Hollande and Germany's Angela Merkel clash over euro austerity pact - Telegraph: "It is "not for Germany to decide for the rest of Europe", said Francois Hollande, the frontrunner to replace Nicolas Sarkozy as French president. If elected, Mr Hollande says that he will not pass the fiscal austerity pact agreed by the leaders of 25 European nations, unless it contains measures to spur on growth. His stance puts him on a collision course with Angela Merkel, the German Chancellor. She hit back at the French Socialist candidate's plans, warning the deal is "not open to new negotiations". "The fiscal pact is negotiated, it was signed by 25 government leaders and has already been ratified by Portugal and Greece," she told a German newspaper. . . " 

Hollande Shifting Euro-Zone Core
Wall Street Journal (blog)
More recently, the euro-zone debt crisis threatened to unhinge the entire project, before Ms. Merkel and Mr. Sarkozy (Merkozy in Brussels shorthand) rallied together to help bail out insolvent euro-zone states and build up further defenses to restore ...

Euro-Zone Data Point to Contraction
Wall Street Journal
By PAUL HANNON And STEVE MCGRATH LONDON—The euro-zone economy continued to contract at the start of the second quarter, with consumer and business confidence weaker, according to a raft of data released Friday. The Centre for Economic Policy Research ...

Euro-Zone Economic Confidence Drops
Wall Street Journal
By ILONA BILLINGTON LONDON (Dow Jones)--Confidence in the euro zone economy fell a second straight month in April, adding to evidence it won't grow until the second half of the year at best, a survey showed Thursday. The overall economic sentiment ...

Gold gains on weaker dollar, euro-zone fears
MarketWatch
Meanwhile, concerns rose about the euro zone after Standard & Poor's Ratings Services late Thursday downgraded Spain's credit rating by two notches, saying the move reflected a deterioration in the country's “budget deficit trajectory” and the ...

Credit tough for small euro zone firms -ECB
Reuters
The difficulties these firms are having finding loans will do little to improve the outlook for the stallingeuro zone economy, with firms in the bloc's heavily indebted states particularly under pressure. Looking at more than 7500 firms, ...

Hedge funds bet against eurozone
Financial Times
Indeed, their bets against the bonds of “core” eurozone countries – not just France, but Germany and the Netherlands too – represent a new, deeper level of bearishness on the single currency area's prospects. The European Central Bank's longer-term ...

Euro zone: Steps forward, steps back
Reuters Blogs (blog)
Madrid insists it will not have to do so, nor will it look to the euro zone for help. Something will have to give since there is no prospect of troubled banks raising capital themselves. However, S&P did note the structural reforms already undertaken ...

Summary Box: Spain's Financial Crisis Deepens
TheStreet.com
By AP 04/27/12 - 03:34 PM EDT AP TOUGH TIMES: Spain's economic problems are growing as unemployment rose to 24.4 percent in the first quarter from 22.9 percent in the fourth quarter and a major credit agency lowered its rating on the country's debt.

Brent slips toward $119, Spain downgrade revives euro zone woes
Reuters
While strong corporate earnings have been driving US equity markets higher, "other markets remain nervous over the euro zone economies and the Spain ratings downgrade is a reinforcement of that view," Ric Spooner, chief market analyst at CMC Markets in ...

Spain's economic crisis deepens as unemployment hits 24.4%
USA TODAY
Spain, the eurozone's fourth-largest economy, is just now just three notches above so-called junk status. Earlier this week, the Bank of Spain confirmed that the country had entered a technical recession — two consecutive quarters of negative growth.

USA TODAY

Hollande and Merkel clash looms over eurozone austerity
The Guardian
As the French Socialist leader extended his poll lead over Nicolas Sarkozy to 10 points on Fridaywith just over a week until the French vote, Merkel declared that his drive to reopen the EU's fiscal pact penalising spendthrift eurozone governments was ...

The Guardian

Another Signal of Euro Zone Slowdown, Spanish Unemployment at 24.4%
123Jump.com
2:00 PM Frankfurt – The latest release of the confidence index in the euro zone offered another evidence of economic slowdown in the region and Spain said unemployment soared to 24.4%, the highest in the region. Bond yields of Spain and Italy advanced ...

Eurozone crisis live: Credit downgrade piles pressure on Spain
The Guardian
Eurozone retail PMIs are out for Germany, France and Italy and they're not great. The Markit purchasing managers' index for the sector in Germany showed that the value of retail sales fell compared to last month. Same for France and Italy.

The Guardian

Eurozone SMEs struggle to secure credit
Financial Times
By Ralph Atkins in Frankfurt There has been a “considerable worsening” of access to credit for small and midsized businesses in the eurozone, the European Central Bank has warned in the latest sign that its offers of long-term loans to banks have yet ...

NYMEX-Crude down, Spain ratings cut reignites fears over euro zone
Reuters
SINGAPORE, April 27 (Reuters) - US crude futures were lower on Friday, holding just over $104, as Standard & Poor's decision to cut its credit rating on Spain renewed fears over the state of the euro zone economies. FUNDAMENTALS * NYMEX crude for June ...

The UK's (Other) Euro-Zone Problem
Wall Street Journal (blog)
Up until the financial crisis, the disparity was masked by government spending and inflated government wages relative to local productivity. The regions received an additional boost from debt-fueled consumption, supported by rising house prices.

Eurocoin Falls, Points To Euro-Zone Contraction
NASDAQ
LONDON -- The euro-zone economy continued to contract at the start of the second quarter, with consumer and business confidence weaker, according to a raft of data released Friday. The Centre for Economic Policy Research and the Bank of Italy said ...

Euro zone's woes deepen as Spain's debt rating cut
Otago Daily Times
"The United Kingdom economy has just slipped back into recession as has Spain, manufacturing sector indicators for the euro zone have plunged, the French presidential election may produce a Socialist winner intent on raising taxes and boosting ...

Otago Daily Times

Euro zone SMEs say access to bank loans deteriorating: ECB
Oman Daily Observer
FRANKFURT — Small- and medium-sized businesses in the euro zone say getting bank loans has become harder, according to the results of a survey released by the European Central Bank yesterday. While firms' external financing needs have increased ...

Eurozone retail sales fall to lowest level since 2008
BBC News
Retail sales in the three largest eurozone economies - Germany, France and Italy - have fallen to their second lowest level on record, a survey says. The purchasing managers' index (PMI) for the three countries, compiled by research firm Markit, ...

BBC News

Uniqa halves PIIGS exposure since end-2011
Reuters
VIENNA, April 27 (Reuters) - Austrian insurer Uniqa has cut its exposure to euro zone peripheryPIIGS countries by around 1 billion euros ($1.32 billion)- or half - since the end of last year, finance chief Hannes Bogner told reporters on Friday.

Spain economic crisis deepens as unemployment rises and S&P downgrades ...
Orlando Sentinel
Official figures showed that unemployment has jumped to 24.4 percent in the first quarter of 2012 — the highest rate in the 17-country eurozone — from 22.9 percent in the fourth quarter of 2011. The data showed that another 365900 people lost their ...

Euro zone crisis: Yeah, it's back
GlobalPost (blog)
In case you haven't noticed, the euro zone crisis is back this week — from Spain, to France, to the Netherlands, the UK and beyond. "At the end of the last installment, it looked like the debt-strickeneuro zone was over the worst of it.

Eurozone to add growth to its strategy
New Europe
The Eurozone seems to be preparing for nothing less than a full change of course in its strategy in an effort to counter its sovereign debt crisis. The reason for this is that the currently applied severe fiscal diet imposed not only to 'sinner' ...

New Europe

Eurozone economic confidence decreases
China Daily
Economic confidence in the eurozone declined in April as the region's slump showed signs of deepening. An index of executive and consumer sentiment in the 17-nationeurozone fell to 92.8 from a revised 94.5 in March, the European Commission in Brussels ...

China Daily

Euro zone woes keep banks wary after Q1 bounce
Bangladesh News 24 hours
London/Madrid, Apr 27 (bdnews24.com/Reuters) — Earnings from some of Europe's top banks showed the scars of the euro zone crisis on Thursday, with big losses on Spanish property and fragile economic recovery likely to dampen an early investment ...

Reuters Asks: Which govt could euro zone crisis claim next?
Reuters
Reuters asks which European government could find itself a victim of the euro-zone crisis next. ( Transcript ) Food Fight: How the Food Industry outsmarted Washi... Abusing a tax loophole meant to aid the poor –... Will a gold bar buy a case of beer?

No Sauce Hollandaise for Spain
Wall Street Journal (blog)
By Nicholas Hastings The growth policies being promoted by the likely victor of presidential elections on May 6, Francois Hollande, are swiftly gaining traction in the euro zone. Policies directed at promoting economic expansion would go some way to ...

"The Eurozone will most likely be much smaller, but potentially much stronger ...
FXstreet.com
by Mauricio Carrillo - FXstreet.com | View company's profile Last time I interviewed Megan Greene, Economist at Economistmeg.com & Head of European Economics at Roubini Global Economics, she was sure that the Eurozone had only two solutions: "fiscal ...

The Spain Downgrade and Contagion: Just How Much Risk?
Elliott Wave
What is our view on the risk of contagion as one European domino after another falls? One thing's for sure, if you wait on the financial media to alert you, you'll likely find yourself woefully behind the eight-ball.

Another catastrophe from the Euro zone – Old salt - My Telegraph
By barnaclebilly
Another catastrophe from the Euro zone. By barnaclebilly. The credit rating agency Standard & Poor's has cut Spain's sovereign debt rating, warning that the government's budget situation is worsening, even as new data showed that the ...
Old salt

Mike Norman Economics: Thomas I. Palley — From Financial Crisis ...
By Tom Hickey
Thomas I. Palley — From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics. Broadly speaking, there exist three different perspectives on the crisis. Perspective 1 is the hard-core neoliberal position ...
Mike Norman Economics

Euro zone stoxx 600 bank index slumps -3.5%!!! | ForexLive
By Gerry Davies
But EUR/USD sits serenely at 1.3177. Go figure. DAX down around 1%, Spain's IBEX down around 1.9%.
ForexLive

XE.com - UPDATE 1-Credit tough for small euro zone firms -ECB
Small and medium sized companies in the euro zone are struggling to get bank funding, with banks increasingly turning down loan applications, a European Central Bank survey, which captured the immediate aftermath of its two major cash ...
XE Forex News

Historical Perspective of the 2008 Financial Crisis — Money and ...
By Weiss Ratings
Historical Perspective of the 2008 Financial Crisis. Weiss Ratings | Friday, April 27, 2012 at 11:58 am. The financial and banking crisis that began in 2008 has affected all Americans. We've seen investment losses, tighter credit, and reduced ...
Money and Markets

Eurozone Retail Sales Plunge at Strongest Pace Since Late-2008 ...
By Stefan B
Eurozone Retail Sales Plunge at Strongest Pace Since Late-2008; German Retail Sales Plunge Into Contraction; French Retail Sales Plunge at Record Pace; Record Job Losses, Record Retail Plunge in Italy. by Mike Shedlock MISH'S Global ...
Financial Survival Network

The impact of fiscal austerity in the eurozone | Martin Wolf's ...
By Martin Wolf
Martin Wolf, chief economics commentator at the Financial Times, opens discussion on a topic of his choice.
Martin Wolf's Exchange

22 Reasons To Expect A Financial Crisis [AUDIO]
By Mark
Thursday morning I talked about an article I read by Gary North, he was Ron Paul's original economist. He compiled a list of these things to look for. Listen to.
AM 1450 KMMS - Bozeman's News...

Managing the Crisis in the Eurozone: Implications for Cyprus ...
By admin
Michalis Sarris - Managing the Crisis in the Eurozone - Implications for Cyprus - Cyprus International Institute of Management.
Cyprus International Institute...

We can learn from Iceland's crash – and their recovery ...
By Martina
Debtonation: The Global Financial Crisis ... This raises the question of whether the economy is facing not just a recession but also a severe financial crisis. Yet if Iceland got it all ... So compared with theEurozone, Iceland is not doing so badly.
Debtonation: The Global Financial Crisis

Q. and A. About 'Frontline' Series on the Financial Crisis - NYTimes ...
DealBook's Andrew Ross Sorkin hosted a question and answer session with Michael Kirk and Mike Wiser, the producers of the PBS "Frontline" documentary on ...
dealbook.nytimes.com/.../qa-on-frontlines-financial-crisis-doc...

Friday, April 27, 2012

Euro-Zone Economic Confidence Drops

Euro-Zone Economic Confidence Drops
Wall Street Journal
By MATINA STEVIS And ILONA BILLINGTON BRUSSELS—Another vital sign for the euro-zoneeconomy took a sudden turn for the worse this month as an economic confidence indicator fell, raising the risk of a prolonged contraction even as government leaders ...

Euro zone woes keep banks wary after Q1 bounce
Reuters
Santander profits drop after big Spain loan provision * Barclays, Deutsche Bank see investment banking rebound * Investment banking slows in April * Euro zone troubles, regulations create tough backdrop * Santander, Deutsche Bank shares down 4 pct, ...

ECB urges euro zone to share bank rescues
Reuters
Draghi calls for pan euro zone bank rescue approach * Constancio says bailout fund only way to deal with big banks (Adds detail, background, quotes) By Marc Jones FRANKFURT, April 26 (Reuters) - The European Central Bank called on authorities to set up ...

Direct bank recapitalisation by euro zone funds unlikely-officials
Reuters
No plans to allow ESM to directly recapitalise banks * ESM direct recapitalisation would entail bank management by ESM * Germany, the Netherlands, Finland opposed to such change By Jan Strupczewski BRUSSELS, April 26 (Reuters) - Euro zone countries are ...

Euro Zone's Path Is Unbending, for Now
Wall Street Journal
By STEPHEN FIDLER The political complexion of the euro zone is changing. Countries are peeling away from the German-led coalition promoting the austerity agenda that has so far dominated theeuro zone's approach to its debt crisis.

ECB urges euro zone to share bank rescue costs
Reuters
By Marc Jones | FRANKFURT (Reuters) - The European Central Bank called on authorities to set up a body to manage bank rescues in the euro zone, marking the central bank's strongest intervention yet in the debate on whether the costs of bailing out ...

Crisis hurt euro zone financial integration in 2011-ECB
Reuters
FRANKFURT, April 26 (Reuters) - Financial markets in the euro zone became more nationalistic last year as the sovereign debt crisis spread distrust among banks, the European Central Bank said on Thursday, but added this year has begun on a better ...

No respite seen for euro zone periphery woes: poll
Reuters
By Andy Bruce | LONDON (Reuters) - Deeper recessions, spiralling unemployment and a failure to meet budget deficit targets will afflict the euro zone's most vulnerable economies floundering under austerity, a Reuters poll suggested on Thursday.

Euro Zone Woes Keep Banks Wary
CNBC.com
Quarterly reports from some of Europe's top banks showed the scars of the euro zonecrisis on Thursday, with big losses on Spanish property, and fragile markets casting a shadow over the rest of the year despite an early investment banking rebound.

CNBC.com

Euro-zone Officials Deny Plans For Banks To Access ESM
Wall Street Journal
The daily Sueddeutsche Zeitung reported Thursday that a high-ranking group of officials at the European Central Bank was working on a plan that would allow the European Stability Mechanism, the euro-zone's permanent bailout fund, to directly inject ...

Euro Zone Confidence Declines, Italian Auction Yields 1.77%
123Jump.com
2:00 PM Frankfurt – The euro zone confidence index declined in March after additional weakness in the service sector. Italian treasury sold €8.5 billion of short term bonds that yielded 1.77%. Sentiments in Portugal and UK improved.

Eurozone crisis live: Dutch parliament to debate budget
The Guardian
Of interest today will also be the Italian 6 month T-Bill auction which should not pose too much of a problem and the eurozone consumer and company confidence figures with traders waiting to see if resurfacing worries about Spain and weaker stock ...

The Guardian

Eurozone woes dog banks
National Post
Although results from Barclays and Deutsche Bank showed investment banking income bounced back strongly after a torrid end to last year, the sickly eurozoneeconomy continues to dog the industry. LONDON/MADRID — Quarterly reports from some of Europe's ...

National Post

Eurozone Crisis Has Not Proved Contagious
Seeking Alpha
Reader "Bill" asks "Will we catch the Euro contagion?" The Eurozone economies now appear to be in a recession, and the UK economy is also. It seems valiant to assert that the US will avoid catching this double-dip Euro recession flu, but so far that is ...

Here's How Europe Turned Into a Train Wreck
DailyFinance
With trouble across the Atlantic roiling American markets once again, this seems like a good time to take a look back at the mess that has become the eurozone. International banking collapses often lead to sovereign debt crises, and this time around ...

Decline In Eurozone Economic Sentiment Exceeds Forecast
RTT News
(RTTNews) - Eurozone economic confidence declined notably in April, wiping out the gains logged in the first quarter. The weakness in both economic and business sentiment hurt recovery hopes. Economic confidence fell more than expected to 92.8 from a ...

RTT News

Draghi: Case for cross-euro zone bank rescue clear
Reuters
FRANKFURT, April 26 (Reuters) - ECB President Mario Draghi called on Thursday for authorities to look into creating a body which would manage bank rescues wherever they occur in the euro zone. "In particular in the euro area, the case for strengthening ...

Dow points lower on eurozone jitters, Exxon, UPS in focus
Proactive Investors USA & Canada
US equity markets looked set to open lower Thursday morning after a steeper-than-expected drop in a gauge of eurozone business confidence as investors prepare for another flood of corporate earnings. In pre-market trading, the Dow Jones Industrial ...

Proactive Investors USA & Canada

France holds key to keeping the eurozone together
The News Journal
With Socialist leader Francois Hollande likely to become the next president of France, Europe's hot populist anger is about to confront the cold austerity measures required by the eurozone, with a predictable result: a storm that rattles the ...

Euro Zone Crisis Hit Bank Profits
NTDTV
More scars from the euro zone crisis are revealed - this time in the quarterly results from some of the region's top banks. Germany's biggest bank missed market expectations for the first quarter after being hit by litigation charges and poor earnings.

Upbeat US housing figures shore up markets
The Associated Press
The US housing market has been in the doldrums for years and was largely responsible for thefinancial crisis that exploded in 2007. A recovery in the US housing market is thought to be central to the recovery in the US, which in turn will have a big ...

Smetters Says QE3 Not Likely Unless Euro Crisis Worsens
Washington Post
Apr. 25, 2012 - Kent Smetters, a professor at the University of Pennsylvania's Wharton School and a former Treasury Department economic policy official, talks about the US economy and Federal Reserve monetary policy. Fed Chairman Ben S. Bernanke said ...

Euro Zone Confidence Falls More Than Expected
AdvisorOne
By Marlene Y. Satter, AdvisorOne Confidence in the euro zone is falling along with the economic picture, and it's doing so faster than predicted. An index of executive and consumer sentiment has fallen more than economists' expectations as the ...

Consumer Participation in Social Issues Soars in Rapid Growth Economies ...
MarketWatch (press release)
NEW YORK, April 26, 2012 /PRNewswire via COMTEX/ -- The level of social purpose activity and the weight that consumers place on it have become more reflective of socioeconomic trends in regions around the globe, according to the 2012 Edelman ...

The Euro crisis threatens not only the common currency, but also the ...
By Blog Admin
The Eurozone has been in turmoil since the 2008 financial crisis. The overarching question is: Will the Euro survive? Currently, European political leaders are constantly made aware of the continent's economic woes and they continue to buy ...
EUROPP

NewsDaily: Euro zone woes keep banks wary after Q1 bounce
Quarterly reports from some of Europe's top banks showed the scars of the euro zone crisis on Thursday, with big losses on Spanish property, and fragile markets casting a shadow over the rest of the year despite an early investment banking ...
NewsDaily: Top Headlines

Euro zone economic sentiment falls to 92.8 in April | ForexLive
By Gerry Davies
Weaker than Reuter's median forecast of 94.2. Business climate -0.52, weaker than Reuter's median forecast of -0.30. EUR/USD sits at 1.3235, BIS having.
ForexLive

No Doubt Eurozone Meltdown Would Cause Severe Worldwide ...
By The Huffington Post News Editors
Most Americans paid no attention last weekend when the International Monetary Fund announced it was well on its way to roughly doubling the money that it can lend to troubled countries — what the organization calls a $430 billion increase ...
The Huffington Post | Full News Feed

XE.com - Direct bank recapitalisation by euro zone funds unlikely ...
Euro zone countries are unlikely to agree to change current rules to allow their temporary or permanent bailout funds to directly recapitalise banks without the intermediation of governments, euro zone officials said on Thursday.
XE Forex News

nucleus » Blog Archive » Calls for Eurozone 'growth compact ...
By nucleus
Yesterday, George Osborne blamed the 0.2% economic contraction on the Eurozone crisis. His senior aide issued this statement: “GDP is -0.2%, so 2 quarters of negative growth is technical recession. Clearly the UK faces a tough situation ...
nucleus

Thursday, April 26, 2012

Draghi urges eurozone not to give up on austerity

Draghi urges eurozone not to give up on austerity
EUobserver.com
"We are just in the middle of the river we are crossing, the only way out is to persevere," the Italian economist in charge of the eurozone's central bank said. He admitted that "fiscal adjustment" - a euphemism for budget cuts - is contributing to ... 

ECB: Bank Credit-Standard Tightening Eases In 1Q Due To 3-Year Loans
Wall Street Journal
By Margit Feher FRANKFURT (Dow Jones)--Euro-zone banks' tightening of their credit standards eased substantially in the first quarter of this year as a result of an improvement of their funding and liquidity conditions in the wake of the European ...

ECB's Draghi calls for 'growth compact'
MarketWatch
By Todd Buell BRUSSELS -- European Central Bank President Mario Draghi Wednesday refused to commit to further concrete action to support the euro zone's economies and banks putting the onus on governments, even as he acknowledged that uncertainties ...

ECB's Draghi, seeking growth, throws crisis ball to governments
Reuters
By Robin Emmott BRUSSELS, April 25 (Reuters) - European Central Bank President Mario Draghi called on Wednesday for a "growth compact" but put the onus on euro zone governments to shape-up their economies. He gave no indication the ECB was poised to ...

ECB President Urges Rigor for the Long Term
New York Times
FRANKFURT — Mario Draghi, the president of the European Central Bank, acknowledged the popular backlash against government belt-tightening Wednesday, calling for a “growth compact” and a reexamination of where the euro zone is headed.

New York Times

Euro-Zone Bonds Extend Rally But Italy Auction Looms
Wall Street Journal
LONDON (Dow Jones)--Euro-zone government bonds continued to rally in early trading Wednesday after Tuesday's solid Dutch bond auction helped to ease tensions, although concerns remain that Friday's Italian auction could be a harder sell.

Draghi: No Change to Policy
Wall Street Journal
By TODD BUELL, MARGIT FEHER and MATINA STEVIS BRUSSELS—European Central Bank President Mario Draghi Wednesday refused to commit to further concrete action to support the euro-zone's economies and banks, putting the onus on governments.

Wall Street Journal

Banks see end to tightening euro zone loan standards
Reuters
In its latest quarterly Bank Lending Survey, the ECB said that only a net 2 percent of the euro zonebanks that took part expect to tighten their criteria firms must meet to borrow in the second quarter of the year. The survey, which was conducted ...

Eurozone Woes Weigh on Insolvencies - Conditions Improve in US
MarketWatch (press release)
The Eurozone led slowdown in global growth and the tight financing conditions make it more difficult for businesses to grow. Uncertainty over the Eurozone sovereign debt crisis and development of the economy has increased tensions in financial markets, ...

Eurozone leaders push for growth
BBC News
Eurozone leaders have urged governments to focus on growth amid fears about the negative impact of austerity measures. European Central Bank President Mario Draghi called for a "growth compact", to go with the balanced-budget pact agreed last year.

BBC News

Analysis: Politics force growth back on to Europe's agenda
Reuters
The euro zone will not suddenly abandon budget discipline and spend its way back to growth as Germany, Europe's paymaster, would not stand for it. Nor, in their current mood, would the bond markets. But one three-pronged strategy under discussion, ...

This Is Still Not the Time to Sell the Pound
Wall Street Journal (blog)
In the euro zone, signs are that several peripheral members have already fallen back into recession and recent activity data suggests that Germany could well be dragged down with them. The fall of the Dutch government over budget talks earlier this ...

Germany reaffirms 0.7 pct 2012 growth forecast
The Seattle Times
Germany's government reaffirmed its growth forecast of 0.7 percent this year despite the turmoil of the European debt crisis, adding that their country's economy would run ahead of its 16 partners in the eurozone. The Associated Press No comments have ...

Did the eurozone crisis cause the double-dip recession?
The Guardian
Is the eurozone crisis really to blame? I've been speaking to Tim Leunig, chief economist at the liberal thinktank Centre Forum. He told me it's very difficult to tell the causes of the double dip from these figures. He said: There's very little you ...

The Guardian

REFILE-NYMEX-Crude firm on API data, reduced fears on euro zone
Reuters
... prices were higher on Wednesday, trading slightly below $104 a barrel, after industry data showing an unexpected draw on crude stocks and solid demand at European bond auctions allayed immediate fears about the euro zone's prospects hurting demand.

Merkel: eurozone needs growth as well as cuts
The Local.de
German Chancellor Angela Merkel reiterated on Wednesday that the eurozone needed economic growth as well as deficit-cutting measures. Germany continued to register slight growth, while the UK slipped into recession. "In Europe, we are called to ...

Sovereign debt more popular as ECB collateral
Baltimore Sun
In its annual report published on Wednesday, the euro zone's central bank said that while reduced use of its funding over 2011 saw collateral put forward by banks cut by 11 percent to 1.79 trillion euros($2.36 trillion), the safety net they left ...

Eurozone crisis live: Can the UK avoid a double-dip recession?
The Guardian
7.18am: Good morning and welcome to today's rolling coverage of the eurozone financial crisis. The big news this morning will be the UK's GDP figure, which will tell us if we've fallen into a double-dip recession or not. The economy shrank by 0.3% in ...

The Guardian

EFSF Bond Demand Steady Despite Latest Euro-zone Challenges: Frankel
Wall Street Journal
Founded in 2010, the EFSF -- which has been tapped for bailouts to Ireland, Portugal and Greece -- was created to provide financial assistance to euro-zone countries. The fund can issue bonds to help raise the money needed to provide loans to those ...

Draghi Says Euro Area Is in 'Most Difficult' Austerity Phase
Bloomberg
European Central Bank President Mario Draghi comments on fiscal austerity in the euro area, Spain's budget plans, special ECB measures to tackle the financial crisis and the outlook for prices in Europe. Draghi spoke to a European Parliament committee ...

The Financial Crisis on Trial
Wall Street Journal
... out of 15—decided to acquit Haarde of three of the four charges, but found him guilty on the fourth count: that he had not held a sufficient number of meetings of government ministers on important issues before and during the financial crisis.

Draghi says Europe needs growth pact
The Associated Press
The EU's executive commission predicts the 17-country eurozone will see their economy shrink by 0.3 percent this year, and recent surveys of purchasing managers in industry and service suggest that the economy might even fall short of that.

The Associated Press

Draghi calls for Europea 'growth compact'
Financial Times
The president of the European Central Bank urged the eurozone to adopt a “growth compact” to boost economic prospects as he scaled back his hopes for an early economic rebound in the single currency bloc. Striking a distinctly more downbeat tone than ...

Financial Times

Estonia Central Bank: Euro-Zone Debt Crisis Main Risk To Fincl Stability
Wall Street Journal
The euro-zone debt crisis poses the main risks to financial stability and economic development, and the weak euro area growth outlook and a sometimes fragile banking system suggest the crisis isn't over, Estonia's central bank said in a statement ...

The Euro-Zone Omnishambles
National Review Online (blog)
The Netherlands is just one of five big budget contributors in the eurozone – along with Austria, Germany, Luxembourg and Finland. Taxpayers from these countries are being asked, in effect, to bail out governments that have been less prudent than their ...

Toxic assets from financial crisis could become AAA bonds
Reuters
By Adam Tempkin April 24 (IFR) - Bank of America and Morgan Stanley plan to re-sell some of the toxic real-estate securities damaged during the financial crisis as high-grade bonds, if they can win them at auction from the Federal Reserve, sources said ...

WSJ: European Markets Rise on Gains in Banks, Tech Shares
Wall Street Journal
Also helping to allay euro-zone fears, Spain's Bankinter posted a small increase in first-quarter net profit. Its shares jumped 6.6%. Fellow Spanish lender Banco Santander added 2.2%. The bank sector was further helped by the European Central Bank's ...

Why Eurozone Woes are Creating Headwinds for Global Firms
Knowledge@Wharton
"Those countries that have been hardest hit by the eurozone recession --including Greece, Italy, Portugal and Spain -- together represent less than 7% of the total FDI investment by US multinationals." Still, the problems of those weak countries are...

Knowledge@Wharton

Germany's Merkel Backs Draghi's Call For Structural Reform In Europe
Wall Street Journal
Speaking to a conference on raw materials hosted by her Christian Democratic Union party, Merkel insisted that Europe needs budget discipline and instruments like the new European fiscal compact to overcome the euro-zone debt crisis.

The Eurozone need less Europe, not more | vox - Research-based ...
Does Europe need a fiscal union to support its monetary union? This column argues that the cause of Europe's problems is not public sector ill discipline but rather private sector ill discipline. In such a situation, it asks whether we should be ...
VoxEU.org: Recent Articles

Calafia Beach Pundit: The Eurozone crisis has not proved contagious
By Scott Grannis
Reader "Bill" asks "Will we catch the Euro contagion?" The Eurozone economies now appear to be in a recession, and the UK economy is also. It seems valiant to assert that the U.S. will avoid catching this double-dip Euro recession flu, but so ...
Calafia Beach Pundit

RealClearPolitics - Banks Are on a Eurozone Knife-Edge
By Martin Wolf, Financial Times
Desmond Lachman, The American. While markets are again correctly obsessing over Italy and Spain's poor economic growth prospects, as reflected in markedly higher government bond yields for those two countries, they seem to have taken ...
RealClearPolitics - Homepage

Jesse's Café Américain: Tavakoli: Another Financial Crisis Looming ...
By Jesse
Tavakoli: Another Financial Crisis Looming, And You're On Your Own. Janet Tavakoli takes the gloves off and tells it like it is in the cover story in the May 2012 issue of Research Magazine. You'll have to read it here, because I doubt you ...
Jesse's Café Américain

Draghi downbeat on eurozone growth | Nicosia Business Review ...
By admin
Mario Draghi, European Central Bank president, has struck a distinctly gloomy note on eurozonegrowth prospects, dropping previous references to a gradual recovery this year. Speaking in the European Parliament, Mr Draghi said recent ...
Nicosia Business Review Worldwide:...

Referendum and the Euro crisis: “Its unravelling, if it comes to that ...
By Mick Fealty
Even though David Begg could not get the numbers in the ICTU to call for a Yes vote for the Fiscal Compact Treaty, he has clearly has some of concerns of his own about where a No vote would take Ireland. RTE reports this afternoon that ”he ...
Slugger O'Toole

Fuel Fix » Draghi downbeat on eurozone growth
By FT.com - Energy
ECB chiefs says recent signs of weakness in survey data highlight 'prevailing uncertainty' while adding that interest rates would remain 'accommodative'. Read more from Financial Times ...
Fuel Fix

Capital News » Swazi king gets birthday jet amid financial crisis
By AFP
TweetMBABANE, Apr 25 – Swazi King Mswati III has received a jet for his 44th birthday, despite the tiny country's crippling financial crisis, the prime minister said on state radio Wednesday. Prime Minister Barnabas Dlamini said the king now ...
Capital News

Better Markets Featured in New Documentary on the Financial Crisis
By kristy
Better Markets Featured in New Documentary on the Financial Crisis Fellow fighters for financial reform: We would like to let you know of a very important.
EthicalMarkets.com | Supporting...

Debt Dynamics Unsustainable in Euro Zone « Financial Survival ...
By Stefan B
Debt Dynamics Unsustainable in Euro Zone. Ilian Miihov, Deputy Dean, INSEAD says that high yields, lack of growth, make debt dynamics unsustainable in the euro zone. ...Published: April 25th, 2012 | Category: News. Leave a Reply Cancel ...
Financial Survival Network

Anti-austerity in the Eurozone from Holland to Hollande « Civitas
By Natalie Hamill
The collapse of the Netherlands centre-right coalition government marks the latest in a long line ofEurozone governments to be brought to its knees by the debt crisis plaguing the EU. The implementation of austerity measures proved too ...
Civitas

The Eurozone is a polarised economic model | Mindful Money
By Peter J.R. Morgan
The Eurozone is not a uniformly successful economic model. For one group of member states to succeed another group will fail. This is as a result of the Euro providing a single currency value across the whole of the Eurozone, which in turn ...
Mindful Money

Stocks Surging into Final Hour on Less Eurozone Debt Angst, Fed ...
By Gary
Broad Market Tone: Advance/Decline Line: Substantially Higher; Sector Performance: Almost Every Sector Rising; Volume: Below Average; Market Leading Stocks: Outperforming. Equity Investor Angst: VIX 17.05 -5.91%; ISE Sentiment Index ...
BETWEEN THE HEDGES

Number of Insolvencies Rises in Eurozone and Improves in US | The ...
By TP Newswire
Amsterdam, Netherlands - Atradius, one of the leading global credit insurance companies anticipates an increase in insolvencies across most developed markets.
The Toonari Post - Breaking News,...

BERNANKE: Lessons From The Financial Crisis - Business Insider
Bernanke is giving a speech entitled "Reflections on the Crisis and the Policy Response" at Russell Sage Foundation and The Century Foundation Conference ...
articles.businessinsider.com/.../31335599_1_financial-crisis-in...

Eurozone Crash, Dutch Government Collapse, Czech on the Verge ...
More than £122.3bn was wiped off the value of Europe's biggest companies on Monday amid fears that the eurozone's commitment to austerity was being swept ...
ncrenegade.com/.../eurozone-crash-dutch-government-collaps...

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